The modern technical revolution is connected only the information sphere, but also the economic one. Significant changes in the field of finance are associated with the need to reduce costs, improve the security of financial transactions, as well as to ensure compliance of the service sector to a constantly developing society.
The financial market in recent years has been largely influenced by technological progress, which is associated with the introduction of Gclub online services and the use of blockchain in the economy. First of all, innovations are introduced in the banking sector, where almost all operations are based on modern technologies.
Innovative technologies in the field of finance
Mobile payment services based on cloud technologies are becoming increasingly popular among business representatives. Such services are used to make payments, pay for orders, pay salaries, and perform other financial operations.
In the field of lending, such platforms as LendingClub and OnDeck are used to issue online loans, as well as to manage users' money. The housing market and mortgage lending are built on services such as Better Mortgage, which allow the lender to analyze data about the borrower and decide on a loan. Special attention is paid to the platform for business lending, such as Upstart. Their advantages are the speed of assessing the solvency of the borrower and the accuracy of calculations, which help banks to avoid crisis phenomena. Blockchain protocols were originally used only for work in the crypto-currency market, but now they are used to control the financial operations of large companies, monitor the issue of securities and exchange data on the market situation. The system is decentralized, allows you to keep records and make quick transactions safely.
Of course, following the technological progress in the banking sector, the corporate treasury begins to adopt and implement a number of FINTECH innovations in its work, to restructure its thinking and business processes. Many treasurers have already started using big data and open APIs (application programming), blockchain, and artificial intelligence (AI) technologies.
For example, artificial intelligence helps in forecasting the company's working capital needs and financing the supply chain, and distributed Ledger (blockchain) technology is used to send payments, as well as issue and track the turnover of letters of credit.
An important segment of the economy is the insurance sector, which uses innovation to improve the quality of services. Zendrive insurance technology is able to evaluate the driving style that the buyer uses and offers him a suitable insurance package. The medical industry is actively implementing a virtual record of clients to see a doctor and online consultations.
It is worth noting that FINTECH changes the lives of not only corporations but also ordinary people. Individuals can also use a number of technological developments to assess the likelihood of a loan, calculate insurance payments, or manage personal finances.
The most significant part of the changes concerned investments and mobile applications for them. Now the investor can buy securities or engage in trading on the currency exchange using a mobile phone. Robinhood and Fundrise services allow you to invest in securities, currencies, real estate, and digital money such as Bitcoin and Ethereum. They are built on a simple platform that does not require additional knowledge from the user.
The Acorns app evaluates the risks of the investor's loan portfolio, as well as independently invests in ETF portfolios at an acceptable cost.